Stock Market Finishes Week Mixed

Dow Average Climbs

NEW YORK — The stock market drifted and finished mixed this week. Broad market indicators declined while the Dow Jones industrial average registered a sharp climb.

The market opened the week by celebrating a weekend accord between the United States and four industrialized nations - France, West Germany, Great Britain and Japan - to drive down the foreign exchange value of the dollar.

Hurricane Gloria stole the show at the week`s close. Safety concerns aroused by the storm`s progress shut the New York and American Stock Exchanges Friday, shortening the trading week.

The Dow Jones industrial average finished the week up 22.85 at 1,320.79.

Analysts called the Dow`s climb this week somewhat misleading because it was distorted by a spectacular rise in the price of General Foods stock, a component of the Dow industrials that was the target of a takeover bid by Philip Morris.

On the trading floor, General Foods was the most active NYSE-listed issue, skyrocketing $34.25 to $117.00 on rumors and finally confirmation that Philip Morris Cos., the tobacco and beverage giant, had agreed to acquire it for $120 a share. The deal, valued at $5.5 billion, is the seventh largest merger in U.S. history.

AT&T followed, losing 62.5 cents to $20.87.

Southern California Edison was third, easing 12.5 cents to $23.87.

International Business Machines fell $3.25 to $123.50, breaking below support at $125.

Among other blue chips, Exxon added 25 cents to $50, Westinghouse Electric eased 37.5 cents to $37.62, American Express edged up 12.5 cents to $42, General Elecric fell $1.75 to $57.12, Dow Chemical lost 87.5 cents to $34.12 and U.S. Steel climbed $1.62 to $31.87.

Some broadcast stocks weakened. Capital Cities Communications was the week`s biggest loser, falling $9 to $195. CBS dropped $3.87 to $108.62. It said it is considering asset sales to reduce its debt load and its broadcast group told security analysts it expects a decline in third-quarter operating profits. Taft Broadcasting fell $3.12 to $75.50.

Litton Industries dropped $8.37 to $69.62. The company said its earnings for the year ended July 31, 1986 would be flat to slightly higher.

Richardson-Vicks jumped $6.87 to $53.50. Unilever has raised its bid for the company to $60 a share.

Celanese Corp. climbed $6 to $124.50. The company said it would buy back up to 600,000 of its own common shares.

On the American Stock Exchange, the market value index fell 1.21 to 221.89. Declines outpaced advances 445-250 among the 894 issues traded. Volume totaled 23.56 million shares compared with 35.59 million last week and 26.01 million during the same week a year ago.